In 2020, Eco Wave Power entered into a Concession Agreement with the Port of Leixões, or APDL (Administração dos Portos do Douro, Leixões e Viana do Castelo), to use an area potentially suitable for the construction, operation, and maintenance of a wave energy power station of up to 20 MW in four locations owned and operated by APDL. Pursuant to the Concession Agreement, APDL will provide EWP with a concession for its breakwaters for a period ranging from 25 to 30 years.

The power station is planned to be constructed and commissioned in several stages, starting with a 1 MW station and, subject to certain conditions, to be followed by the construction, operation, and maintenance of the remaining 19 MW capacity of the station.

In March 2024, Eco Wave Power received the last approval necessary for the commencement of the works of the first megawatt in the city of Porto with the Título de Utilização de Recursos Hídricos, or TURH, from APDL. The Company has also issued a performance bond to APDL, meant to solidify the commitment to the construction of the first commercial wave energy project within a 2-year period.

We believe this will be the first commercial-scale wave energy project in the world and therefore, a significant step towards wave energy commercialization.